Flag: 16-point gold sun (Vergina, Sun) centered on a red field
@Macedonia, The Former Yugoslav Republic Of:Economy
Overview: The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. Its economic decline will continue unless ties are reforged or enlarged with its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The economy depends on outside sources for all of its oil and gas and most of its modern machinery and parts. An important supplement of GDP is the remittances from thousands of Macedonians working in Germany and other West European nations. Continued political turmoil, both internally and in the region as a whole, prevents any swift readjustments of trade patterns and economic programs. The country's industrial output and GDP are expected to decline further in 1995. The Former Yugoslav Republic of Macedonia's geographical isolation, technological backwardness, and potential political instability place it far down the list of countries of interest to Western investors. Resolution of the dispute with Greece and an internal commitment to economic reform would encourage foreign investment over the long run. In the immediate future, the worst scenario for the economy would be the spread of fighting across its borders.
National product: GDP - purchasing power parity - $1.9 billion (1994 est.)
National product real growth rate: -15% (1994 est.)
National product per capita: $900 (1994 est.)
Inflation rate (consumer prices): 54% (1994)
Unemployment rate: 30% (1993 est.)
Budget: revenues: $NA expenditures: $NA, including capital expenditures of $NA
Exports: $1.06 billion (1993)
commodities: manufactured goods 40%, machinery and transport equipment
14%, miscellaneous manufactured articles 23%, raw materials 7.6%, food
(rice) and live animals 5.7%, beverages and tobacco 4.5%, chemicals
4.7% (1990)
partners: principally Serbia and Montenegro and the other former
Yugoslav republics, Germany, Greece, Albania